Viewpoint: Could the Caymans lure away some of our reinsurance business?

Mckeeva Bush, Cayman Islands Premier

‘Anecdotal evidence from the industry suggests that as a jurisdiction Cayman has several advantages that we can capitalize on to attract greater interest from reinsurance companies.’ Quoted in Caymanian
Compass

Paula Cox, Bermuda Premier

‘Based on our current understanding of the Caymans’ proposal... it is unlikely that this initiative will represent a serious threat to Bermuda’s existing reinsurance market in the short term.’

Brad Kading, President, ABIR

‘Bermuda’s internationally active insurance groups need to be regulated by reputable, strong, robust solvency regulation and the BMA has met the test with its Solvency II equivalence programme.’

Cheryl Packwood, CEO, Bermuda Business

‘Cayman is aggressive and that constitutes a strength. We need to emphasize where their rhetoric does not match reality and where brass plates don’t translate into substance.’

Craig Simmons, Economics lecturer

‘Once our competitors learn and apply the reinsurance business model and take advantage of our missteps, there is no reason why other jurisdictions cannot challenge or overtake us in this market.’

Clayton Price, Cayman insurance rep.

‘Bermuda [has] a geographical edge. However, [our] Government’s vision to cut red tape to facilitate business needs plus the quality of life should greatly assist in attracting commercial reinsurers’. Quoted in Caymanian Compass

• The Cayman factor
• 'We'll protect Bermuda's turf'
• Head-to-head comparison: Bermuda vs Cayman
• Does Cayman pose a formidable threat to Bermuda?
• Bermuda needs to be fast and aggressive